Daily Market Highlights (16.09.09)

  • MSE Share Index unchanged at 3,025 points as the 1% increase in the share prices of BOV and MIA is offset by HSBC’s 0.8% drop. Subdued trading activity persists on the local secondary market with investors focusing on the new bond issues. Meanwhile, large trades also effected in some corporate bonds and Malta Government Stocks. Download a copy of today’s Equity Market Summary.
  • BOV share price rises 1% to the €3.03 level, just below its 2009 high of €3.04. Only 2,521 shares exchanged today with best bids placed at €3.00 whilst lowest offers still in the market at the €3.05 level.
  • Meanwhile fresh sale orders push HSBC’s share price 0.8% lower to the €2.65 level. 13,750 shares change hands during this morning’s session with further offers remain unsatisfied at the closing price and highest bids of 6,000 shares at the €2.62 level.
  • MIA recovers some of yesterday’s decline as the share price edges 1% higher to regain the €2.12 level on a single trade of 685 shares. Further bids outstanding at the closing price whilst lowest offers placed considerably higher at the €2.95 level.
  • Yesterday Corinthia Finance plc announced that its €20 million bond issue was oversubscribed and subscriptions closed at 10 am as a result of the strong demand from preferred applicants as well as from new investors. The company is expected to exercise its over-allotment option and increase the total bond issue to the maximum amount of €25 million. Details of the allocation policy and the amounts received from preferred applicants as well as from new investors are expected to be published by next Wednesday 23 September.
  • Island Hotels Group Holdings plc bond offering to open tomorrow when holders of the 6.5% CareMalta bonds will be requested to submit their application forms. Meanwhile, the pre-placement stage in respect of the equity offering takes place on Friday 18 September while the General Public offering for both bonds and shares will take place on Tuesday 22 September. The bond offer consists of 10-year paper at a rate of 6.5% per annum while the equity offer amounts to 8,383,300 shares at a price of €1.00 per share. Full details of the offerings available here.
  • €25 million Melita Capital plc bonds issued at a coupon of 7.15% per annum with interest payable semi-annually. The preplacement stage for applications of a minimum of €10,000 will be held on Thursday 24 September while the General Offering opens on Monday 28 September. For further details on the new bond issue please click here.

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